Sales of new homes fall 13.4% in July

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Sales of new single-family houses in July 2013 were at a seasonally adjusted annual rate of 394,000, according to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 13.4% below the revised June rate of 455,000, but is 6.8% above the July 2012 estimate of 369,000.

The median sales price of new houses sold in July 2013 was $257,200, and the average sales price was $322,700. The seasonally adjusted estimate of new houses for sale at the end of July was 171,000. This represents a supply of 5.2 months at the current sales rate.